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Bitcoin crashes over 25% in 24 hours, under $180

bitcoinity.org

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Re: Bitcoin crashes over 25% in 24 hours, under $180

#221

Post by throwawayaway »

brazzy wrote: post #215
throwawayaway wrote: post #202

Earlier quoted context omitted.

current hash rate GH/s: 300,000,000 // https://blockchain.info/charts/hash-rate GH/s/w: 4.6 // http://www.coindesk.com/a-look-inside-kncminer/ watts to provite current hash rate: 300,000,000/4.6 = 65,217,391.30 w kw to provide 1s: 65,217.39 an hour of that: 65,217.39*3600 234,782,604 kwh 10c per kwh => $23,478,260.4 per hour 24 hours => $563,478,249.60 my own figures are even more wacky so I would welcome some better…

Your calculation is WAY off, which the bizarrely high end result should have made obvious. Multiplying by 3600 is where you go wrong. 65,217kW is the energy usage. Providing that for an hour takes 65,217kWh - not multiplied by anything. So that's $6,521 per hour, $156,521 per day.

great thanks, 100 times cheaper than the forbes article.

ps it wasn't obvious at all, that's why i wrote "even more wacky" as mark of how solid i thought the figures were.

3600*7 = 25200 transactions for $6521.

they'd really want to see about increasing the block size.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#222

Post by jasonisalive »

sanswork wrote: post #211
jasonisalive wrote: post #201

Earlier quoted context omitted.

Entrepreneurs smell an opportunity[1] to roll out one of the many, many new energy technologies that have developed in the meantime in your area (which somehow was overlooked until this point.) [1] An opportunity made possible by the ability (created by Bitcoin) to profitably and efficiently collect micropayments in poor regions of the world

So your solution to the problem of bitcoin being unusable without power(and internet access) in a region is that in the future bitcoin will enable people to develop new technologies that don't currently exist? And they will be able to invent these new technologies because the only thing holding them back is in the inability to collect micropayments(which they can currently actually do using cash)?

No, Bitcoin will help make it profitable to roll out new technologies. Roll out != invent. It will also stimulate the development of said technologies. Because it lowers the cost of taking payment.

As far as cash, try collecting cash payments for your grid of micro-generators recharging cellphones in the Amazon, see how well that works out for you. Let me guess, you're gunna fly some drones in to pick up the payments...

Re: Bitcoin crashes over 25% in 24 hours, under $180

#224

Post by sanswork »

jasonisalive wrote: post #222
sanswork wrote: post #211

Earlier quoted context omitted.

So your solution to the problem of bitcoin being unusable without power(and internet access) in a region is that in the future bitcoin will enable people to develop new technologies that don't currently exist? And they will be able to invent these new technologies because the only thing holding them back is in the inability to collect micropayments(which they can currently actually do using cash)?

No, Bitcoin will help make it profitable to roll out new technologies. Roll out != invent. It will also stimulate the development of said technologies. Because it lowers the cost of taking payment. As far as cash, try collecting cash payments for your grid of micro-generators recharging cellphones in the Amazon, see how well that works out for you. Let me guess, you're gunna fly some drones in to pick up the payments…

What are these new technologies that are just waiting for roll out?

>As far as cash, try collecting cash payments for your grid of micro-generators recharging cellphones in the Amazon, see how well that works out for you. Let me guess, you're gunna fly some drones in to pick up the payments...

Try removing your micro generator from the community after you've installed it when they stop paying your rent. See how that works out for you.

I'd collect the payments when I delivered the fuel btw.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#225

Post by moe »

sanswork wrote: post #217
moe wrote: post #212

Earlier quoted context omitted.

Ask your money back and they transfer it back to you in a new transaction. What's the problem?

Cases where they don't agree they should refund you. Cases where they just don't want to refund you. Cases where they are scammers/criminals. Cases where your coins are stolen and spent at a store(the equivalent of having your card stolen to buy a tv at walmart).

Cases where they don't agree they should refund you.

Um, and with VISA they will just happily ignore you taking back what they consider their money and wish you a good day?

Cases where they just don't want to refund you.

Same as above?

Cases where they are scammers/criminals.

Why would you send money to those? Since you know there is no Chargeback mechanism wouldn't it be wise to demand product/service first or use an escrow service?

Cases where your coins are stolen and spent at a store(the equivalent of having your card stolen to buy a tv at walmart).

Oh, I think there we are getting to the point. You are mistaking Bitcoin for a credit card. Well... It is not.

It works very differently and if you treat it like "just another CC" you're in for quite a bad time.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#226

Post by FatalLogic »

sanswork wrote: post #219
FatalLogic wrote: post #213

Earlier quoted context omitted.

>Blockchain.info ... a platform that most people in the community have lost faith in That's a remarkably bold claim. Citation definitely needed. You will need to define the "community", and then provide a source for "most". I don't see how you can possibly do that, since both data points are lost in the murky fog that is the world of Bitcoin

"community" /r/bitcoin|/r/bitcoinmarkets|bct "source" the few weeks a month or so back where every second post was about how evil or bad or stupid blockchain.info was and no one should use them anymore. It was around the time the problem was discovered with their keygen and when someone was regularly sweeping coins from wallets on the service.

You're right to put "source" in quotes, because that's embarrassingly weak.

You haven't even counted them. You're providing no real data.

There's no way that it justifies your stark claim that "most people in the community have lost faith in Blockchain.info".

Why do you feel the need to enhance your argument with exaggeration and unsupported assertions?

Re: Bitcoin crashes over 25% in 24 hours, under $180

#227

Post by sanswork »

moe wrote: post #225
sanswork wrote: post #217

Earlier quoted context omitted.

Cases where they don't agree they should refund you. Cases where they just don't want to refund you. Cases where they are scammers/criminals. Cases where your coins are stolen and spent at a store(the equivalent of having your card stolen to buy a tv at walmart).

Cases where they don't agree they should refund you. Um, and with VISA they will just happily ignore you taking back what they consider their money and wish you a good day? Cases where they just don't want to refund you. Same as above? Cases where they are scammers/criminals. Why would you send money to those? Since you know there is no Chargeback mechanism wouldn't it be wise to demand product/service first or use a…

>Um, and with VISA they will just happily ignore you taking back what they consider their money and wish you a good day?

VISA doesn't consider it their money. So ya they will do that. You not knowing that suggests a huge gap in your knowledge of how credit cards work/how charge backs work.

>Why would you send money to those? Since you know there is no Chargeback mechanism wouldn't it be wise to demand product/service first or use an escrow service?

How would I know? A company can seem fine and turn into a scam quickly. I could use an escrow service but then I'd have to arrange that for every purchase when currently I can have it handled for me automatically.

>Oh, I think there we are getting to the point. You are mistaking Bitcoin for a credit card. Well... It is not. It works very differently and if you treat it like "just another CC" you're in for quite a bad time.

I'm not confusing it at all. I was giving an example that closely maps to the security concern with a credit card.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#228

Post by brazzy »

throwawayaway wrote: post #221
brazzy wrote: post #215

Earlier quoted context omitted.

Your calculation is WAY off, which the bizarrely high end result should have made obvious. Multiplying by 3600 is where you go wrong. 65,217kW is the energy usage. Providing that for an hour takes 65,217kWh - not multiplied by anything. So that's $6,521 per hour, $156,521 per day.

great thanks, 100 times cheaper than the forbes article. ps it wasn't obvious at all, that's why i wrote "even more wacky" as mark of how solid i thought the figures were. 3600*7 = 25200 transactions for $6521. they'd really want to see about increasing the block size.

The block size is not the limit here; the protocol aims for one block every 10 minutes so that users don't have to wait too long to get a transaction confirmed.

Cost per transaction would go down drastically with increased usage.

Re: Bitcoin crashes over 25% in 24 hours, under $180

#229

Post by TeMPOraL »

jasonisalive wrote: post #201
sanswork wrote: post #184

Earlier quoted context omitted.

What happens when bitcoin is the adopted world currency and the power goes out in your area for a few days?

Entrepreneurs smell an opportunity[1] to roll out one of the many, many new energy technologies that have developed in the meantime in your area (which somehow was overlooked until this point.) [1] An opportunity made possible by the ability (created by Bitcoin) to profitably and efficiently collect micropayments in poor regions of the world

Ah, the libertarian dream.

Maybe the "entrepreneurs" will in fact "smell the opportunity" and move in and save the day, but for what? What's the gain? Why design critical infrastructure so that its survival is based on a hypothetical market scenario, when it can be done right in the first place?

Re: Bitcoin crashes over 25% in 24 hours, under $180

#230

Post by moe »

tribaal wrote: post #10

Yeah, as much as I like the concept of bitcoin (and the blockchain), I don't see adoption becoming anything more than anecdotal. No interest rate, and you have to secure it yourself? No thanks. My "big bad bank" guarantees me at least a small interest in saving money, and if my card is stolen, I get a new one in 24 hours and all transactions are cancelled. I'm happy to pay some transaction fees ("extortion!") to get…

Bitcoin is the electronic version of "let's buy a lot of gold and stash it somewhere".

It's also the electronic version of: Be able to move that gold around the globe near instantly, without a middleman, at almost zero cost. And some other quite neat things.

While these features may seem "anecdotical" for many people in the western world, there's also a large number of people in poorer countries for whom e.g. the fees on long distance transactions or not being able to get a bank account are a very real problems.

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